Kraken has never really been a typical crypto exchange. From counseling users to avoid storing their crypto on exchanges at all, to leaving New York in response to the Attorney General’s call for information, they have consistently been the antithesis of Coinbase.
Strangely enough, even with this differentiation, what they do not seem to have done is make user security a top priority. Before Kraken supporters vehemently object to this statement, this is not to say that their site is not secure.
At the same time, with today’s report that Kraken has just made two-factor authentication mandatory, the situation becomes a bit blurry. Just how secure was the platform before today? Were their significant holes, through which hackers could have easily stolen customer information?
According to CoinGape, which cites posts from Kraken in its’ analysis, the exchange chose to make security its’ number one priority after witnessing recent events like the Cryptotopia hack and concluding that industry security standards are not even close to adequate.
Mandating 2FA is just the beginning of Kraken’s efforts. They already reportedly have research in the works related to implementing more advanced security measures that rely on “behavior analytics, adversarial deception techniques, and threat intelligence,” which will be made operational sometime between now and 2020.
As all of this is coming to light following the chaos surrounding Coinbase’s acquisition of Neutrino, perhaps Kraken will attract more Coinbase and Cryptopia defectors, among others, over time.
Whatever the case, it does appear likely that in a year’s time, Kraken may have successfully re-branded itself as the most secure crypto exchange on the market. Lending further credence to this is the fact that they have not gone the way of Cryptopia and many others, at least not yet.
By: BGN Editorial Staff